Everything Ex-Hot Is Getting Sold

By the Market Ear:

AI changes

DB’s chart of the day tracks 23 AI-related stocks, comparing year-to-date performance up to 29 October with returns over the roughly six weeks since. Before 29 October, just one stock was down on the year and the group had posted an average unweighted gain of +70%; since then, the picture has shifted sharply, with 20 of the 23 now trading lower.

Just in time

Hedge fund positioning in North American semis got back to peak levels just in time for the biggest SOX puke in a very long time. Pain is huge.

Japan rates and the AI connection

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.